“Origins of the Financial Crisis” and Other Lessons

Posted on March 4, 2009 by sudipta

While the current economic crisis still bogging us down to our knees, I chanced upon an insightful lecture by Dr. Alan Blinder, a Professor of Economics and Public Affairs at the Woodrow Wilson School, Princeton University. A world renowned economist, Prof. Blinder speaks very eloquently about the multiple causes and culprits of the current economic crisis and also spells out the possible remedies. It was an extremely educational experience for me, and I think will be the same for many people like me who keep on hearing multiple different stories from different sources. Continue reading →

Goodbye 2008 – Welcome 2009

Posted on January 1, 2009 by sudipta

Year 2008 is finally over, and what a year it has been. I am sure this year will go down in history as one of the most significant year of this century. If we look back to this year, the two events that stand out the most are – the global economic meltdown and the historic presidential election.
The economic meltdown of the 2008 will go down in history possibly as the darkest economic times of the twenty-first century just as the great depression of 1929. The sub-prime mortgage crisis, the credit crisis, the crash of the Wall street giants, the market crash created a snow ball effect of financial disasters which still remains to be contained. This crisis also proved once again how tightly the global markets are connected these days when it spread from its epicenter in USA to all parts of the developed and developing world.
The second most significant event was the US presidential election. The election of Barack Obama, the first African American to grace the White House as the president of the United States is an event that will be recorded in history in golden letters. Barack Obama brings with him the hopes for a positive change not only in USA but also the whole world. The worldwide celebrations at the election win of Obama is a testament to how the world looks forward to this new leader.

India too has seen some good and bad days during the last year. The dastardly attack on Mumbai by the terrorists has caused the world community to refocus their attention to deal with global terrorism. Terrorism still continues to plague the world and keeps on challenging our defenses in any way they can.
On the positive side, the Indian technological and economic prowess showed off with the successful launch of Chandrayaan I and then with the successful implant of the lunar probes on the surface of the moon. This has been a significant achievement for a country that is relatively young to the space race.

Another 2008 global event that I will remember for a while is the 2008 Beijing Olympic Games. The Olympic games demonstrated how human beings like Michael Phelps and Usain Bolt can become super humans. This Olympics was also especially favorable to the Indian athletes with its first individual gold and if I am not incorrect, the highest medal tally at the games.

I hope 2009 comes to us with the promise to fulfill our hopes and dreams. Let’s hope that from January 20th, the new President brings in the change he promised and helps herald in the peace and prosperity that we all have been looking forward to. Let’s hope that evil in all forms, from terrorists to the financial swindlers, all are defeated and good prevails for all in the world.

Wishing you all a very happy New Year.

Sudipta Bhawmik

Terror in Mumbai

Posted on November 27, 2008 by sudipta

It is Thanksgiving eve and this dastardly scene unfolds in front of me on the Indian News networks – Mumbai under attack. Soon CNN picked it up and all news networks focused on the financial capital of India – Mumbai. It was dramatic, to say the least, to witness the Taj, Oberoi and Trident hotels on fire, gun shots and explosions, and the closeups of blood stained people and property. As I write this, the siege is still on with several hostages under the clutches of the terrorists and more than 100 people killed.

I don’t know who is doing this (although some sources are reporting that Deccan Mujaheddin has claimed responsibility) and for what purpose, but it is clear that it is a very well planned and well coordinated effort to not only shake up India, but also the entire world. India is rapidly gaining recognition as a major economic power, it’s opinions carry lot of weight in the global economy. All major economies in the world are eager to do business with India and Mumbai is their main port of call. Possibly the terrorists hope to scare off the world by trying to demonstrate Mumbai (and India) as an unsafe place to do business with. But they are grossly mistaken. They fail to understand that the world is not only watching their cowardly attacks but also the heroic efforts by the police and the army, the selfless efforts of the hotel employees who risked their lives to save their guests. The chief of anti terrorist squad, Hemant Karkare and the additional commissioner of police, Ashok Kamte laid down their lives along with several other of their compatriots to save the lives of the people of Mumbai. The entire world will be with India and thwart the efforts of the terrorists to isolate India.

Let’s all condemn these attacks and show our solidarity behind the people of Mumbai. Our deepest condolences goes to the families of the victims of this incident. We hope that the people of Mumbai and India will stay calm and not do anything rash and violent to hurt their fellow citizens ’cause that will only serve the cause of the terrorists.